May I ask whether it’s marketed to you by a property investment group or you happened to find it yourself? If it’s the former, then take all the more care in doing your due diligence.
I nearly bought into one and was fortunate to be able to pull out (though not without losses). But I received the most revealing bit of news last night when my finance broker told me that one of her clients locked in to one of these apartments only to realise that the bank valuation came in at $40K less than the purchase price. Furthermore, the fine print reveals that there is NO rental income for the first 3 mths! So now that person is struggling even to get finance to complete the deal.

Having said that, depending on your strategy/goals, serviced apartments may have a place in your portfolio.